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Aug 31, 2023
Scholastic Q1 2024 Earnings Report
Reported first quarter fiscal 2024 results and affirmed fiscal 2024 guidance.
Key Takeaways
Scholastic reported a decrease in revenues and an increase in operating loss for the first quarter of fiscal 2024, reflecting continued retail softness and strategic investments. The company affirmed its fiscal 2024 guidance, anticipating growth in the School Reading Events business and new fall releases.
Revenues decreased by 13% to $228.5 million, impacted by retail softness and the timing of sales in Education Solutions.
Operating loss was $99.1 million, including $6.3 million in one-time charges, compared to $58.1 million in the prior year.
Children’s Book Publishing and Distribution segment revenues decreased by 18% to $102.8 million, with declines in Book Fairs, Book Clubs, and Trade revenues.
Education Solutions revenues decreased by 10% to $66.0 million due to timing-related state-sponsored program revenues and a shift in sales seasonality.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company is affirming its fiscal 2024 guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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